Review of Litewallet: The Official Wallet for Litecoin

In the current crypto market, there are several exclusive wallets available, each with its own unique features and drawbacks. From hardware wallets like TREZOR and KeepKey to web and mobile-based wallets, investors need to be cautious when choosing the right wallet for their needs. In this article, we will explore the features of Loafwallet (LiteWallet), a popular Litecoin wallet, and provide a comprehensive review.

What is Litewallet?
Litewallet, formerly known as Loafwallet, is the official wallet for the cryptocurrency Litecoin (LTC). It is an easy-to-use, open-source wallet developed by Charlie Lee and the Litecoin Foundation. The wallet’s main goal is to promote Litecoin and its products.

Litewallet Features
Storage: One of the key features of Litewallet is its unlimited storage capacity. The Litecoin blockchain can handle any volume of transactions, making it convenient for users with large transaction volumes.

Verification: While no verification is required to download Litewallet, all transactions made through the blockchain require digital verification. This verification process adds an extra layer of security to the wallet.

Special Features: Litewallet does not store Litecoin on servers, ensuring that users have access to their funds 24/7. The wallet is also open-source, allowing developers to review and contribute to the code on GitHub. Additionally, Litewallet connects directly to the Litecoin blockchain, ensuring fast transaction processing.

How to Register on Litewallet?
Registering on Litewallet is a simple process. Follow these steps:

Step 1: Download the Wallet
Litewallet is available for free on both the Google Play Store and the Apple App Store. The app is compatible with Android version 6 and above and the latest iOS version.

Step 2: Set Up
After downloading the app, set up a passphrase to recover your funds in case of any issues. Create a PIN code to access your funds.

Step 3: Load the Wallet with Litecoin
Once your wallet is set up, you can import Litecoin from another wallet or purchase some through exchanges that support Litecoin. Litewallet generates a new address for each transaction, ensuring privacy and security.

How to Add Litecoin
To add Litecoin to your Litewallet, you can either buy them or receive them from someone else. Here are the steps:

Buy: Tap on “Buy” in the wallet interface and select a partner and the fiat currency you will use for payment. Follow the instructions provided by the partner, including ID verification and credit card information. Once the process is complete, the funds will be deposited into your Litewallet.

Receive: Tap on “Receive” in the wallet interface to generate a unique public address. You can share this address with the person sending you Litecoin. They can either scan the QR code or use the share option to send you the coins.

How to Withdraw Funds
There are three ways to withdraw funds from your Litewallet:

1. Use the tokens as payment for goods or services.
2. Exchange Litecoin with others by sending tokens to their LTC address.
3. Sell your Litecoin on a crypto exchange for local currency. Open an account with a reputable exchange like Coinbase, Binance, Kraken, or similar. Select the Litecoin section and send your Litecoin to the generated address. Finally, withdraw the funds to your connected bank account.

Supported Currencies & Payment Methods
Litewallet is exclusively designed for Litecoin. It is the only supported cryptocurrency on the wallet.

Fees & Limits
When using Litewallet, you can choose between regular and economic fees for your transactions. The wallet has one of the lowest fees in the market, costing only 0.002 LTC per transaction. The average transaction fee is $0.206, and the median fee is $0.06. However, there have been some complaints about higher fees of up to 0.45 LTC.

Is Litewallet Safe?
Litewallet is a safe wallet for storing Litecoin. Its safety is based on four major factors:

1. Community Trust: The wallet has gained the trust of Litecoin users and has a 3.9-star rating on Google. Being open-source, developers can easily monitor and update the code for any bugs or vulnerabilities.

2. Customer Support: Litecoin has a community dedicated to serving Litewallet users. You can interact with developers and the support team through platforms like Twitter, Google+, and Reddit.

3. Handling Speed: Litecoin is four times faster than Bitcoin, with transaction speeds of 2.5 minutes compared to Bitcoin’s 10 minutes. Litewallet connects directly to the Litecoin blockchain, ensuring swift transaction processing.

4. Security: Litewallet is built with enhanced security features to protect Litecoin. The wallet’s code is encrypted using AES hardware, and additional security measures like app sandboxing and code signatures are implemented to ensure a bug-free wallet.

Conclusion
Litewallet, developed by the Litecoin Foundation, is a credible and secure wallet for storing Litecoin. It offers low fees, ease of use, and a user-friendly interface. However, it is important to note that Litewallet is not compatible with Windows devices. Overall, Litewallet is a reliable wallet that receives a positive recommendation.

FAQ’s
1. Is Litewallet available on Android?
Yes, Litewallet is available for both Android and iOS devices under its rebranded name – LiteWallet.

2. Is Litewallet safe and secure?
Litewallet utilizes AES hardware encryption, app sandboxing, keychain, and code signatures to protect coins from malware and browser flaws, ensuring a safe and secure wallet.

3. How do I cash out Litewallet?
To cash out Litewallet, open an account with a crypto exchange like Coinbase, Binance, or Kraken. Select the Litecoin section and send your Litecoin to the generated address. Finally, withdraw the funds to your connected bank account.

4. How do I add Litecoin to the wallet?
To add Litecoin to your wallet, you can either purchase them or receive them from someone else. Refer to the earlier section for detailed instructions.

5. What happened to LoafWallet? I can’t find it on the App Store.
LoafWallet has been rebranded as LiteWallet. Due to the name change, some users may have difficulty finding the app on the App Store.